Social Security Cap

Economy
1

Why are deductions from payroll for social security capped after making $168,600.00 Everyone should pay that percentage for their full salary. And stop using Social Security as a political election tool. It’s not a piggy bank for politicians to use on pork. Vivek mentioned when campaigning that recipients could and should be getting upwards of 18K per month. That would sure help out seniors.

Why was the cap put in place? Did high earners, such as politicians, wealth fund managers, etc, lobby representatives to institute this measure?

3 Likes
2

REMOVE SS. ppl can save for themselves.

2 Likes
3

It is capped because anyone making over $300,000 a year will never see a fraction of what they have contributed in their lifetime.

By capping it, it frees up the money for the earner to invest in their own retirement plan.

But, I don’t think Social Security payments should be taxed as income for the elderly.